Posted on May - 14 - 2010
Sifco Industries Inc. reports sharp drop in second-quarter earnings
Sifco Industries Inc. (NYSE: SIF) has reported a sharp drop in earnings for its fiscal second quarter on a sizable decline in sales.
The provider of aicraft parts and services said its net income in the quarter that ended March 31 fell 58%, to $1 million, or 19 cents a share, from $2.4 million, or 45 cents a share, in the year-earlier second quarter.
Sales at Sifco were down 23%, to $19.9 million from $25.9 million.
The company offered little comment on its results, but did note that the biggest drop in business came in its Aerospace Component Manufacturing Group.
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